In Denmark, the right to hunt is vested with the land owner but can be transferred to others and is traded on a well-established market. The dominant form of hunting leases is time limited contract transferring the hunting rights on a piece of land to one or more persons. We analyze this market for hunting leases using the hedonic method on a rich set of data obtained from Danish hunters. We hypothesize and show that the price of a hunting lease reflects that hunting is a composite experience; and also reflects aspects relating to the landowners cost of leasing out hunting. Thus, the value of a lease is determined by the location and size of the hunting area, the game harvest and hunting activity itself, several landscape qualities affecting the recreational nature experience, several social aspects of hunting and the relation between the landowner, the hunters and their activities. The results can be used to make informed management and policy decisions that affect wildlife, hunters, landowners and land uses.